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Overtakes Buffett

Carlos Slim

New York: Mexican telecom tycoon Carlos Slim has quietly slipped past Warren Buffett to become the world's second richest man with a fortune of $53.1 billion — roughly 7 per cent of his country's annual economic output. Though he is barely known to the rest of the world, Mr. Slim has seen his fortune rocket by $23 billion in the past 14 months. Microsoft's Bill Gates is worth $56 billion, according to the Forbes. The son of a Lebanese immigrant, Mr. Slim (67) works from a windowless bunker in Mexico City. His empire includes a budget airline, a music retailer and an Internet service provider. But the key to his success was snatching control of Mexico's dominant telecom operator, Telmex. Telmex accounts for nine out of 10 landlines in Mexico and experts say he has been protecting the monopoly. He has made it clear that he does not intend to loosen his grip on his empire, telling Reuters: ``Wealth is like an orchard. You have to share the fruit, not the trees.'' — Xinhua

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